Development of the Burnside Bridgehead project is closer to realization with a memorandum of understanding reached between the Portland Development Commission and Opus Northwest LLC.

The memorandum is a non-binding agreement that states the understandings between PDC and Opus that will guide the $200 million development project.

The Burnside Bridgehead project in the Central Eastside Urban Renewal Area covers five city blocks, totaling approximately 195,550 square feet. Located at the base of the Burnside Bridge on the east side of the Willamette River, it is one of the largest development sites in the central city.

Opus's plan calls for a mixed-use project containing over 500 residential units, with a mix of for-sale and rental units; more then 100,000 square feet of retail space; approximately 125,000 square feet of work space; and a 1,040-space parking structure.

"Reaching this memorandum of understanding phase in the Burnside Bridgehead project is a huge step in the right direction," said PDC Executive Director Bruce Warner. "We have a very committed and talented developer, engaged citizens, and this understanding moves us a big step closer to getting this project under way."

In addition to revitalizing the central east side, the project will create more than 500 new jobs.

A Citizens Advisory Committee, which began meeting with the developer and PDC staff last November, provided suggestions about what mix of uses would make the project successful and improve the surrounding neighborhood. The Burnside Skate Park, beneath the Burnside Bridge, will remain intact.